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The Effect of Investor Attention on the Pricing of Seasoned Equity Offerings

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dc.contributor.author Pinto, Cristián
dc.date.accessioned 2015-09-25T12:34:18Z
dc.date.available 2015-09-25T12:34:18Z
dc.date.issued 2015-08
dc.identifier.uri http://hdl.handle.net/11447/118
dc.description.abstract I examine the role of investor attention on seasoned equity offerings’ (SEOs) outcomes. I use an archive of Thomson Reuters’ news articles to proxy for investor attention. I find that the volumes of news articles prior to the offerings are positively associated with the offer price discounts of SEOs. Furthermore, the volumes of news articles are negatively associated with the cumulative abnormal returns three days around the SEOs. I conclude that the costs of equity increase with investor attention prior to SEOs. Overall, the evidence is consistent with the hypothesis that investor attention affects investors’ information processing in SEOs es_CL
dc.format.extent 36 páginas es_CL
dc.language.iso spa es_CL
dc.publisher School of Business and Economics, Universidad del Desarrollo es_CL
dc.relation.ispartofseries Working Paper;20
dc.subject Investor attention es_CL
dc.subject Seasoned equity offerings es_CL
dc.subject News analytics es_CL
dc.subject Media coverage es_CL
dc.subject Investor sentiment es_CL
dc.title The Effect of Investor Attention on the Pricing of Seasoned Equity Offerings es_CL
dc.type Documento de trabajo es_CL


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